A judge was asked to rule on a disagreement over the meaning of terms of agreements between Rangers and a company in the Sports Direct Group.
Sir Ross Cranston on Wednesday said he had ruled in favour of SDI Retail Services.
He said he had made declarations, on the meaning of parts of agreements, “along the lines sought by SDI”.
The judge analysed legal argument at a High Court hearing in London in February.
Rangers also lost a round of the fight in October.
Another judge ruled that Rangers had breached the terms of an agreement made with SDI.
Mr Justice Teare concluded that bosses at Rangers had made a new agreement with another firm, the Elite Group, without giving SDI a chance to match that firm’s offer.
SDI bosses have made further complaints relating to other agreements involving Rangers and Elite, and Rangers and Hummel.
Rangers bosses dispute claims made against them.
Another hearing is due to take place in April.
Decisions about damages which Rangers might have to pay could be made after that hearing.